On the H4 timeframe, price is near to the key resistance level. We expect a potential bearish reversal from 1st resistance level of 101.351 which is in line with 127.2% fibonacci extension and 100% fibonacci projection towards the 1st support level of 99.842 which is in line 38.2% fibonacci retracement and 78.6% fibonacci projection. Alternatively, price might break through the key resistance level and rise towards the 2nd resistance level of 101.746 which is in line with 161.8% fibonacci extension.
Trading Recommendation
Entry: 101.351
Reason for Entry:
127.2% fibonacci extension and 100% fibonacci projection.
Take Profit: 99.842
Reason for Take Profit:38.2% fibonacci retracement and 78.6% fibonacci projection.
Stop Loss: 101.746
Reason for Stop Loss:
161.8% fibonacci extension.
